| 1. |
- Nilsson, Henrik, et al.
(author)
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A study of the provision of environmental information in financial analysts' research reports
- 2008
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In: Sustainable Development. - : John Wiley & Sons. - 0968-0802 .- 1099-1719. ; 16:3, s. 180-194
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Journal article (peer-reviewed)abstract
- Reporting of environmental information along with financial information has become an important research topic. Research to date has focused on the nature of the information reported by companies. This study extends prior research by examining the inclusion of environmental information by financial analysts in their research reports on companies in the chemical and in the oil and gas industries. Both companies and financial analysts are divided into subsets by geographic region, Europe and North America. Results show that only 35 per cent of financial analysts' reports have environmental information. Those reports that do have such information have more environmental information for North American companies than for European companies and analysts tend to report more information for companies in their regions. The chemical industry receives more attention, especially for downside information. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.
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| 2. |
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| 3. |
- Kallunki, Juha-Pecka, et al.
(author)
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Regulated and unregulated insider trading around earnings announcements
- 2009
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In: European Journal of Law and Economics. - : Springer-Verlag New York. - 0929-1261 .- 1572-9990. ; 27:3, s. 285-308
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Journal article (peer-reviewed)abstract
- This paper analyses insider trading behaviour around annual and interim earnings announcements during changing legislative environments in Sweden from 1980 to 2003. Using a unique data set, we are able to explore the nature of insider trading patterns from unregulated to strongly regulated insider trading markets. We find limited evidence of opportunistic insider trading. Insiders seem to be reluctant to sell stocks before positive earnings announcements. They also tend to time their trades in conjunction with an immediate post-announcement period, i.e. "safety trading", which becomes more evident within stronger legislation environments. Some support for contrarian trading behaviour is also found.
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| 4. |
- Kallunki, Juha-Pecka, et al.
(author)
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Why do insiders trade? : Evidence based on unique data on Swedish insiders
- 2009
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In: Journal of Accounting & Economics. - : Elsevier. - 0165-4101 .- 1879-1980. ; 48:1, s. 37-53
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Journal article (peer-reviewed)abstract
- In this paper, we examine if corporate insiders have other motives for trading besides exploitation of private information. Our results show that insiders’ portfolio re- balancing objectives, tax considerations and behavioral biases play the most important role in their trading decisions. We also find that insiders who have allocated a great (small) proportion of their wealth to insider stock sell more (less) before bad news earnings disclosures. Finally, insider selling is informative for future returns among those insiders who have the greatest proportion of wealth allocated to insider stocks.
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